US-based hospitality-focused real estate investor Trinity Investments has divested JW Marriott Phoenix Desert Ridge Resort & Spa to Ryman Hospitality Properties (RHP) for $865m.
The JW Marriott property is known as the largest resort in Phoenix, Arizona, US.
The transaction follows a nearly $100m renovation under Trinity’s stewardship in 2023, which enhanced the resort’s appeal to both business and leisure travellers.
The resort is spread across 396 acres and features a variety of facilities. It includes a hotel with 950 rooms, 212,500ft² of meeting space, seven different dining venues, five swimming pools, a spa, and two golf courses.
The extensive refurbishments included a refreshed lobby, redesigned guest rooms, the addition of a full water park complex, and the inauguration of two new dining venues.
Trinity Investments managing partner, president and CEO Sean Hehir said: “This sale is a prime example of how Trinity’s proven value-add platform and successful repositionings continue to drive enhanced operational and financial performance through active asset management.
“We have transformed the property into a landmark destination for both business and leisure travellers, and are proud to be able to deliver strong returns for our investors. We look forward to the JW Marriott Phoenix Desert Ridge Resort & Spa’s future success under new ownership.”
The sale coincides with the launch of Trinity Asset Management Services and Trinity Development Services, which are designed to extend Trinity’s operational experience and development capabilities to third-party hotel owners and lenders.
With more than $10bn invested across the US, Mexico, Europe, and Japan, Trinity acquired the JW Marriott property in 2019 for $602m. The acquisition was through a strategic partnership with funds managed by Elliott Management.
The finalisation of the resort sale is anticipated for the second or third quarter of 2025, with specific terms remaining confidential.
In December 2024, Trinity Investments acquired the Fairmont Olympic Hotel in Seattle, Washington, US.
The property marked Trinity’s 11th hotel transaction in the US since the final closing of Trinity GP Fund I, the company’s inaugural fund, in 2021.
